QuickBooks (NASDAQ: INTU) recently introduced a new inventory “Reorder Point” feature that lets businesses set a minimum quantity of a product for sale to keep on hand.
If you are a small business that handles inventory, the new QuickBooks Reorder Points feature is designed to help you know when your inventory is running low and remind you to reorder items. The feature also helps you easily create a purchase order to restock those items.
How New QuickBooks Reorder Points Works
The new QuickBooks Reorder Points adds improved inventory filter options and stock displays, reorder item details and customization of the physical inventory report. These added capabilities aim to help you gain better insight into your inventory levels and cash flow.
“Every business owner knows that if you are out of stock when a customer wants to buy, you cannot fulfill the order promptly — and you may lose the sale,” wrote the small business accounting software company in a post announcing the new feature on the official Intuit QuickBooks blog.
How to Set QuickBooks Reorder Points
According to Intuit QuickBooks, you can set a reorder point after you add an inventory item to QuickBooks in a few easy steps:
- Click the Gear icon > Products and Services.
- Find the inventory item in the list.
- In its Action column, click Edit.
- In the Reorder point field, enter the minimum quantity you want to have on hand. When the quantity on hand drops at or below the reorder point, QuickBooks reminds you to order more.
- Click Save and close.
The introduction of the new Reorder Points comes on the heels of QuickBooks’ recent release of its “Bundle” feature, a new way to bundle items in your inventory that often sell together. This is all part of QuickBooks’ ongoing effort to improve its platform.